If you think the housing market is taking a rather plodding path to recovery – slow but steady — think again. Both nationally and locally, home prices are rising at a fast clip.

According to the Case Shiller Pricing Index analysis of 20 metropolitan areas, the average year-over-year home price increase in April was 12.1%. The Denver market logged in a little lower but was still climbing rapidly, at 9%.

The 16 months prior to May have also shown year-over-year price increases, bringing local prices near all-time highs recorded in 2006, before the Great Recession. Meanwhile, even as prices rise, buyers aren’t balking.  According to the National Association of Realtors, sales of existing homes were up 4.2% nationwide in May over April – and up 13% over May of 2012. The rate of new home construction is also rising sharply.

Experts predict a continued rise in the coming months, noting that prospective buyers would do well to consider acting sooner rather than later.

Planning to buy or sell? Get housing market updates at RE/Max of Cherry Creek’s blog.